Question-Consider following statements regarding National Payment Corporation of India-
- National Payments Corporation of India (NPCI) was set up in 2010.
- It acts as central infrastructure for various retail payment systems in
- It is envisaged by reserve Bank of India as the payment utility in the country.
- It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
Which of the above statement is/are correct?
(a)Only (1)
(b) (1) ,(2) and (3)
(c)(2),(3) and (4)
(d) all of the above
Answer-(c)
Related facts-
- National Payments Corporation of India (NPCI) was established in 2009 as the central body for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility in the country.
Why in news-
- Recently, on 16 august 2018, NPCI has launched UPI 2.0, UPI Version 2.0 has been expected to lay down the path for innovative payment solutions to be provided by banks, as being standardised and based on open source, it is efficient as well.
Features of UPI 2.0 –
- It has four new features–
- Linking of over draft-Besides current and saving account customer can link their overdraft account to UPI.
- UPI mandate- With help of this money can be transferred later by giving commitment at present.
- Invoice in the inbox- It is designed for customers to check the invoice sent by merchant prior to making payment. It will help customers to verify the essentials that whether it come from the right merchant or not.
- Signed intent and QR- Itis designed for customers to check the authenticity of merchants while scanning QR (quick response code). It will give information that the merchant is verified UPI merchant or not.
About UPI –
- It stands for, Unified Payments Interface. It is an instant real –time payment system developed by National Payment Corporation of India providing inter-bank transactions.
- It is regulated by the Reserve Bank of India.
- It is built over Immediate Payment Service (IMPS) for direct and immediate transaction of money and available 24*7 hours, including public holidays.
References-
https://www.npci.org.in/sites/default/files/Press%20Release_Launch%20of%20Unified%20Payments%20Interface%202.0.pdf
https://www.livemint.com/Money/Cog3dAvOZka0OsNg8M9S8O/UPI-20-launched-Here-are-its-key-features.html
https://www.scribd.com/document/366859450/UPI-2-0-Product-Document-25072017-1